Mastercard makes a strategic investment in Paysend’s $65m funding round
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Card giant Mastercard recently joined a $65 million Paysend funding round with a strategic investment in support of the UK-headquartered international money transfer firm.
Mastercard is also partnered with the company, as the two recently made a deal to establish simpler international payments for SMEs. Apart from Mastercard, other supporters of the round included many of Paysend’s existing investors, such as One Peak, Hermes GPE Innovation Fund, and Infravia Growth Capital.
Paysend teams up with major players to enhance customer experience
The cross-border money transfer player also has another major deal with the world’s largest Spanish language media company, TelevisaUnivision. The two teamed up to target the USA-Latin America money-transfer corridors, where Paysend’s advertising will regularly appear on the media firm’s network over the course of the next three years.
Paysend’s CEO, Ronnie Millar, commented on the new development by saying that the significant investments in his company stand as a testament to the strength of Paysend’s vision. That vision is to build the best-in-class international solution for both businesses and consumers and ensure that everyone has access to a simple and safe way to make cross-border money transfers.
Paysend was founded in 2017, and it has experienced extremely fast expansion in the years since. The firm offers an integrated cross-border platform for businesses and consumers, which has allowed it to capitalize on the $133 trillion market opportunity.
Apart from teaming up with Mastercard and TelevisaUnivision, Paysend announced several other strategic expansions in 2023, one of which included the provision of digital payments for Western Union’s global consumer business.
Support for Paysend continues to grow
The success of the new funding round also builds upon the success of Paysend’s Series B round, which allowed it to secure $125 million. After the round was completed, the company used the funds to expand its global payments platform, suggesting that the proceeds from the new round will likely be used in a similar, responsible way.
The firm’s goal is to be the next-gen integrated global payments ecosystem and to enable consumers and businesses alike to pay and send money online anywhere, anyhow, and using any currency. The firm, based in the UK, currently has more than 8 million registered customers.
It is also capable of delivering payments to more than 180 countries around the world. It even has its own global network f banks and international and local payment systems, in addition to partnerships with multiple international card netwrks.
